Send Money Overseas

Send Money to Nigeria Cheaply

18 February 2018

Get a competitive exchange rate and pay minimal fees when you send money to Nigeria

Whether you’re sending funds to relatives, helping out a Canadian tourist travelling through Nigeria or paying rent or business expenses, you have a number of options to consider when it comes to transferring funds.

The range of choices available can be a little bit confusing, so read on to find out how to transfer your funds from Canada to Nigeria in a safe, secure and affordable way.

Find out whether you should use a bank or transfer service

Although you may want to transfer funds via your bank, many Canadian banks will not allow you to send money to Nigeria.

The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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The Nigerian Naira (NGN) is far from a commonly traded currency around the world, but some Canadian banks may allow you to transfer money to Nigeria. It’s best to speak to your bank directly in order to gain advice on how to send money to Nigeria.

However, using your bank for an international money transfer is typically not the most cost-effective option. Instead, you’ll be much better off financially if you use the services of a specialist money transfer provider. These companies offer far better exchange rates than banks, along with charging much lower fees and providing customers with much faster processing times. This can result in a saving of time, money and stress for you.

Case Study: Ben Sends Money to Nigeria

Ben wants to transfer $1,000 to his friend Hope. Hope lives in Nigeria and Ben is looking to repay an old debt. His bank offers international money transfers to Nigeria, but Ben rightly believes that he can save some money if he uses the services of a money transfer company. He decides to compare the cost of using his bank with the expense involved in using a money transfer provider.

Bank

Money Transfer Company

Exchange rate

1 CAD = 271.20 NGN

1 CAD = 276.40 NGN

Transfer fee

$25

$20

Transfer time

2-5 days

Within 2 days

Transfer options

Online, cash pickup

Online

Amount received for $1,000

NGN271,200

NGN276,400

As the table shows, Ben pays a smaller fee when using a money transfer company and is also able to send an extra NGN5,200. With the lower fee, Ben will save over $23 by using the specialist money transfer service.

Compare transfer companies more effectively with these tips

Ben’s example above demonstrates the importance of weighing up the pros and cons of different money transfer options, so compare the following features when making your decision.

Exchange rates. You’ll obviously want to find the best available exchange rate for your transfer, but keep in mind that some companies with lower rates may also charge lower fees.

Transfer methods. Check to see whether there are multiple transfer methods available, such as online, over the phone or by visiting a branch.

Transfer options. Can you schedule regular payments well into the future? Are forward contracts and limit orders offered to allow you to cash in on market fluctuations?

Transfer time. If you’re sending an emergency transfer, the ability to have your cash picked up by your recipient within minutes is a big advantage.

Pickup methods. Can the cash be picked up in person from an agent location or branch, or is everything handled online?

Minimum transfer amounts. Be warned that some companies will require you to meet a certain minimum transfer amount in order to process your transaction.

Customer service. Is there a call centre, an online help centre and online live chat? It’s important to have assistance on hand whenever you need it.

Send money to Nigeria from Canada in a way that suits you

When you’re looking to send money to Nigeria, consider the following options:

Bank-to-bank transfers. While most banks don’t allow you to transfer Canadian dollars into Nigerian Naira, your bank may allow you to send Canadian Dollars, which can then be converted into the local currency by the receiving bank.

Money transfer providers.WorldRemit, Western Union and MoneyGram allow you to send funds to Nigeria quickly and easily, where your recipient can pick up the funds at multiple locations across the country within minutes.

International money orders. Another option is to get an international guaranteed cheque from your bank. Keep in mind this is one of the slowest ways to send money overseas.

Need emergency cash in Nigeria? Follow these tips

While sometimes you can afford to wait a few days for your international money transfer to be processed, there are occasions when you need your funds to arrive as quickly as possible. When this occurs, you need to remember to take caution and double check all of the details of your transfer. Make sure you are aware of the exchange rate you will be receiving, any fees that apply to your transfer and how long it will take for your cash to arrive. When picking up money in Nigeria, exercise a high degree of caution and return the money to your hotel immediately to put away for safe keeping.

Get your hands on emergency cash in Nigeria at these locations

Both Western Union and MoneyGram allow you to transfer funds which can then be picked up from many agent locations all across Nigeria. If you’re picking up a big sum of cash, you may need to check with an agent in advance to make sure they will have sufficient cash on the premises to give to you. You’ll also need to supply proof of ID, for example your driver’s licence, and some details of your transaction.

Kano

FBN – Kano Main

Pick up cash safely when in Nigeria

According to the Canadian Government, Nigeria is a very dangerous part of the world and Canadians should reconsider their need to travel to the region or exercise a high degree of caution if they absolutely must travel there. With this in mind, if you do find yourself picking up cash in Nigeria, you need to take extreme care. Take another person with you for security and extra protection, making sure not to publicly advertise the fact that you are picking up a large sum of cash. Avoid any areas where trouble is known to occur and deposit the funds into your bank account as soon as possible or place the funds in a safe.

For more tips on travelling safely to Nigeria, browse online forums and blogs to discover a wealth of information. You can also learn more by visiting the Canadian Government Travel website.

Get started with a transfer to Nigeria

From bank transfers to specialist international money transfer companies, you have a variety of options to choose from when you need to send money to Nigeria from Canada. While the transfer process will differ depending on which service you use, you’ll often need to open an account with your chosen provider before you can transfer the funds. This means you will need to supply details such as your name, date of birth, contact information and your driver’s licence.

When you lodge a transfer you will be given a receipt or tracking number, allowing you to monitor your transaction to completion.

It’s quick and easy to transfer funds to Nigeria, but it’s important that you compare all of the available options before deciding on the right company for you. Doing so will ensure that you can send money overseas in the most cost-effective manner.

Disclaimer - We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

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